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Egypt’s largest private bank gets $150m capital top-up

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023 Unsplash.com
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the country

The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base.

The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a statement.

The subordinated loan will reinforce CIB’s overall capital base and support the stability of Egypt’s systemically important market player, EBRD First Vice President Jürgen Rigterink said.

CIB chairman Hisham Ezz El Arab added that the loan will support the bank’s growth plans, unlocking numerous opportunities in the Egyptian market.

Since 2012, the EBRD has invested more than €11 billion ($11.93 billion) in 169 projects in Egypt, with almost 80 percent of its portfolio in private sector projects.

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